The Census Department release had some negative news on homeownership rates. The 65.5 percent homeownership rate was down a full percentage point from the year-ago-rate. This is down almost four full percentage points from the peak in the second quarter in 2004 and is the lowest level since the fourth quarter of 1998.
The homeownership rate for African Americans has fallen even more sharply, standing at 43.1 and down by 5.5 percentage points from the 48.6 percent peak in the third quarter of 2006. This is lowest rate of homeownership for African Americans since the 4th quarter of 1995.